no more gap, page-5

Hi Huges j,

We as shareholders of HDR have suffered a lot lately and have seen the share price collapse at a time when all looked well and the $3 mark once again looked achieveable in the very near future.

How wrong we where and all because of the oil flow from Chingetti.
Now we have flow rates of nearly half of what we where expected to achieve.

All the sharemarket forums speak of doom and gloom like Mauritania is over the oil province has gone down the drain and WPL will sell out.

Are we still being rational????
Have reality gone out of the window because of some bad flow rates today???
Do we really believe that drilling more wells at the right spot and re-injecting technologies can not solve this problem???

Do we really believe that we can now assume that the reserves have been wrongly calculated and that recoverable oil will be far less then anticipated???

Could the market be over reacting and is this a buy opportunity????

Is Uganda going to be worth nothing, even as up till now all the results are far above we had ever expected???

Is Tiof now totally gone out of the picture.
Any exploration wells going to be dry and no more upside of this so called new oil province thru exploration????

Tanzania, Suriname , Guyane and to a lesser extend the Falklands worth nothing now???

The latest capital raising and the extra money in the bank counts for nothing????

The highest ever oil prices of today do not count any longer for the 7000 + bod HDR is still producing and selling for top dollars????

Do not get me wrong, I am not impressed what has happened so far but for the medium to longer term I am still happily invested in HDR.
I truly believe that the upside still outweights the downside for those among us who have a this investment for the medium to longer term.

If anything, it shows that oil is not that easily replaceable these days by new reserves.
There are hicups along the way even with the bigger fields.
Santos experiences the same with Jeruk in Indonesia.
Not all these problems can be rectified but for now we should not automatically believe that Chinguetti is going this way.

In my opionion its far to early to come to an opinion without having tried alternative measures to get the oil flowing again.

Good luck

jojo